Thai Firms' Earnings Boosted
By Foreign-Exchange Gains

The stronger-than-expected baht may make some corporate earnings reports look surprisingly healthy this quarter. But to spot the real winners, analysts say, look carefully past the bottom line.

With the baht having gained 46% against the dollar from its low on Jan. 12, Thai companies will be allowed to record as gains part of the foreign-exchange losses they counted in 1997, which will make some corporate results look good. But no matter how strong the figures look, analysts don't think the Thai stock exchange will get a...